Eye Care (Pharmacies) - Malaysia

Malaysia

Highlights

Revenue in the Eye Care market is projected to reach US$13.11m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.45%, resulting in a market volume of US$16.30m by 2029.
In global comparison, most revenue will be generated Japan (US$904.40m in 2024).
In relation to total population figures, per person revenues of US$0.38 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Eye Care (Pharmacies) market in Malaysia is experiencing significant growth due to various customer preferences and trends in the market.

Customer preferences: Customers in Malaysia are becoming increasingly concerned about their eye health and are seeking out products and services that can help them maintain good vision. This is driving the demand for eye care products in pharmacies. Additionally, customers are also looking for convenience when it comes to purchasing eye care products. Pharmacies provide a one-stop solution for customers to easily access a wide range of eye care products, making it a preferred choice for many.

Trends in the market: One of the key trends in the Eye Care (Pharmacies) market in Malaysia is the growing popularity of contact lenses. Contact lenses offer convenience and comfort compared to traditional eyeglasses, which is appealing to many customers. The increasing use of digital devices such as smartphones and computers has also contributed to the demand for contact lenses, as they provide a better visual experience for screen usage. Another trend in the market is the rising awareness of the importance of UV protection for the eyes. Customers are now more conscious about protecting their eyes from harmful UV rays, which can lead to various eye conditions. This has led to an increased demand for sunglasses and other UV protection products in pharmacies.

Local special circumstances: Malaysia has a large population, and the increasing urbanization and modernization of the country have led to higher disposable incomes. As a result, more people are able to afford eye care products and services, leading to the growth of the Eye Care (Pharmacies) market. Additionally, the government of Malaysia has been actively promoting eye health and conducting awareness campaigns, which has further contributed to the growth of the market.

Underlying macroeconomic factors: The growing middle-class population in Malaysia, along with increasing disposable incomes, has played a significant role in the development of the Eye Care (Pharmacies) market. As people have more money to spend, they are willing to invest in their eye health and purchase eye care products from pharmacies. Furthermore, the healthcare infrastructure in Malaysia has improved over the years, making eye care products and services more accessible to the general population. In conclusion, the Eye Care (Pharmacies) market in Malaysia is witnessing growth due to customer preferences for convenience and eye health, as well as trends such as the popularity of contact lenses and the increasing awareness of UV protection. The local special circumstances, such as the growing middle-class population and government initiatives, have also contributed to the development of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.